Balasubramanian Ganesh, Global CIO–Retail Banking and Wealth Management, HSBC, and Chairman of HSBC Software Development (India), explains why the last 24 months have been path breaking in the bank’s technology function.

Enables account opening in a few hours. First bank in India to introduce a digital process to open various types of current accounts using tablets and smartphones; Uses APIs for real-time validation of KYC documents of the business for swift processing of documents.

Leading Indian corporates, including ones from the ‘S&P BSE 100 Index’, are now undertaking domestic / international trade finance transactions on the network. This is the highest number of participants on any blockchain platform in the country.

A recent World Economic Forum report predicts that by 2025, 10 percent of GDP will be stored on blockchains or blockchain-related technology. The potential of blockchain technology is certain to be realized in a world where data protection and verification is of such high importance.